Well, The Short answer is maybe. It depends on you.
Microsoft does not support moving these folders.
I have read several articles now written by people with SSD drives doing this modification to Win 7 where space is premium. If I remember correctly certain boot-able files had to be copied to the new volume and registry values needed to be modified
Paul Thurrott over at http://www.winsupersite.com/
should have some information on doing this.
I've never moved the program folders before, however I did a lot of research on moving users to different logical drives. The method for the program folders is very similar